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Incyte Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
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Incyte (INCY) granted equity inducement awards to the new Executive Vice President and General Manager of U.S. Dermatology, Matteo Trotta. The awards include 7,828 restricted stock units and stock options to purchase 21,868 shares of common stock. The RSUs vest over four years, while the stock options have a ten-year term.
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WILMINGTON, Del.--(BUSINESS WIRE)--
Incyte (Nasdaq:INCY) announced today that it granted equity inducement awards to Matteo Trotta, the Company’s new Executive Vice President and General Manager of U.S. Dermatology, pursuant to the Company’s 2024 Inducement Stock Incentive Plan. The awards were approved by the compensation committee of the Company’s Board of Directors as an inducement material to the new employee entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
Mr. Trotta received an award of 7,828 restricted stock units (RSUs) and an award of stock options to purchase 21,868 shares of the Company’s common stock, in each case with a grant and vesting commencement date of March 25, 2024.
The RSUs vest as to 25% of the shares subject to the RSUs on each of the first four anniversaries of the vesting commencement date, subject to the employee's continued service with the Company on each such date. The stock options have an exercise price of $57.48 per share, which is equal to the closing price of the Company’s common stock on the grant date. The stock option award has a ten year term and vests as to 25% of the original number of shares subject to the stock options on the one-year anniversary of the vesting commencement date with the remainder vesting in 36 successive equal monthly installments, subject to the employee’s continued service with the Company on each such date.
About Incyte
A global biopharmaceutical company on a mission to Solve On., Incyte follows the science to find solutions for patients with unmet medical needs. Through the discovery, development and commercialization of proprietary therapeutics, Incyte has established a portfolio of first-in-class medicines for patients and a strong pipeline of products in Oncology and Inflammation & Autoimmunity. Headquartered in Wilmington, Delaware, Incyte has operations in North America, Europe and Asia.
What inducement awards did Incyte (INCY) grant to Matteo Trotta?
Incyte granted 7,828 restricted stock units and stock options to purchase 21,868 shares of common stock to Matteo Trotta.
How do the restricted stock units (RSUs) vest for Matteo Trotta?
The RSUs vest as to 25% of the shares subject to the RSUs on each of the first four anniversaries of the vesting commencement date, contingent on the employee's continued service with the Company.
What is the exercise price of the stock options granted to Matteo Trotta?
The stock options have an exercise price of $57.48 per share, equal to the closing price of the Company’s common stock on the grant date.
How do the stock options vest for Matteo Trotta?
The stock options vest as to 25% of the original shares on the one-year anniversary of the vesting commencement date, with the remainder vesting in 36 equal monthly installments, contingent on the employee’s continued service with the Company.
